The Ghana Gold Board (GoldBod) has introduced new mandatory procedures for Tier 2 licensed gold buyers seeking access to its trade financing programme through aggregators.

In a notice dated July 22, 2026, GoldBod said the revised framework is aimed at strengthening accountability, risk management and regulatory compliance among participants in the programme.

Under the new guidelines, eligible Tier 2 licensed buyers must submit formal financing requests to an aggregator, present a valid GoldBod Tier 2 Buyer Licence for verification, complete Know-Your-Customer (KYC), due diligence and creditworthiness assessments, and execute a Trade Financing Agreement.

The agreement will require buyers to provide security in the form of a bank guarantee, advance payment guarantee, insurance bond or any other acceptable security approved by the aggregator.

GoldBod said the security requirement will range between 10% and 50% of the approved financing amount, depending on the outcome of the buyer’s credit assessment.

The Board added that Trade Financing Agreements must clearly state financing terms, repayment obligations, reporting requirements, compliance obligations, security arrangements and default provisions, and will only take effect after approval by GoldBod.

It stressed that access to trade financing and commencement of trading will only begin after all registration and due diligence requirements have been completed, agreements executed and conditions set by aggregators fulfilled.

Existing beneficiaries given August 1 deadline

GoldBod has directed all Tier 2 licensed buyers currently benefiting from the programme to regularise their participation under the new framework.

Existing beneficiaries are required to settle all outstanding trade funds and close their current financing accounts with aggregators by August 1, 2026.

The Board warned that participants who fail to meet the deadline will be removed from the list of eligible Tier 2 licensed buyers until all outstanding obligations are cleared.

Defaulting buyers face sanctions

GoldBod outlined a recovery process for participants who default on their obligations.

Aggregators will first issue a 21-day demand notice requiring defaulting buyers to settle outstanding debts. Failure to comply will lead to the suspension of the buyer’s GoldBod licence.

A final 30-day demand notice will then be issued by GoldBod and the aggregator, after which criminal proceedings may be initiated against participants who fail to settle their obligations.

Continued compliance required

GoldBod said continued participation in the financing programme will depend on compliance with the Ghana Gold Board Act, 2025 (Act 1140), directives issued by the Board, terms of the Trade Financing Agreement and maintenance of an acceptable credit standing.

The Board emphasised that access to the programme is a privilege and not an entitlement, adding that it reserves the right to review participants’ credit standing, trading performance, repayment history and compliance records.

New funding restrictions

GoldBod has also introduced restrictions on additional financing arrangements.

A Tier 2 licensed buyer that has already received GoldBod financing will not be allowed to obtain additional financing, directly or indirectly, from another funded Tier 2 buyer under the same programme.

Additionally, a Tier 1 licensed buyer cannot receive GoldBod trade financing from more than three funded Tier 2 licensed buyers at the same time.

GoldBod warned that any funding arrangement that breaches the new requirements could lead to suspension or withdrawal of financing approval and other regulatory sanctions.